The business plan has been constructed for a fast food centre, which will be situated beside the University of London, UK. This business plan mainly involves the description regarding the business, an inspection of its target market, evolution of a market planning along with descriptions of the management, operations and human resources. The main aims and objectives of this fast-food business is that to become of the famous fast-food centers in London. Along with that, they also want to provide the best quality foods as well as beverages to their customers along with best quality services from their food centers. Lastly, they want to envision 10% growth of profit in upcoming financial years. However, this fast-food business will be retained by Jimmy and Rosy Kane, and will be named “Kane’s Kitchen”. The aim of this essay is to reflect upon the personal skills, which have been developed while creating this business plan, which has risen from the group work.
However, while preparing this business plan I have analyzed the market through SWOT analysis. SWOT analysis mainly widened my analytical skills because I could clearly visualize the strengths, weaknesses, opportunities as well as threats of the business idea (Schaper et al. 2014). Through SWOT analysis, it was easier to look at the interior as well as the exterior factors, which can affect the business. Interior factors mainly categorize the strengths and weaknesses of the business idea. Therefore, as per the business plan the biggest strength is that the store will be located at a crowded place and customers can order online as well thus, what I learned is that because of this strength it can attract a large number of customers at once. Moreover, other strengths would be the high quality food as well as services, their target market as well as experienced employee recruitment. Thus, through these strengths they can easily retain their loyal customers who will definitely come back to them if they get good quality food along with best services. On the other hand, the weaknesses will be recruiting as well as retaining skilled staffs along with lower profit margin. However, the exterior factors, which came in the forefront, are mainly the threats and opportunities. Therefore, I have learnt about their the competitive advantages along with what weaknesses should be minimize so that it does not hinders the success of the business. Further, it has also given a clear-cut idea of what the opportunities, which can actually help in making larger profits. Lastly, it also bestowed a chance so that the threats are identified beforehand (Davis et al. 2013). PEST analysis has been done which mainly helped in analyzing the different exterior factors, which are political, economical, social, technological; legal as well as environmental that can highly affect the business. Through this PEST analysis, I could have gained the evaluative skill to analyze the risks, which underlies the factors, and helped further to use this knowledge to inform decisions (Mashhadi and Ijaz-Ur-Rehman 2012).
Moreover, while doing PEST analysis my conceptions become clear regarding how the issues related to political conflicts among the countries, fair prices, tariff as well as taxes can have an impact on the business. While doing the research I came across the fact that after the publication of the report of the Scientific Advisory Committee on Nutrition in 2003, on the association between the level of salt intake by the population of UK and the increase heart disease (Caballero 2012). However, this business plan further taught me what exactly a target market means and what importance does it holds in a business (Dunford et al. 2012). What I learnt is that identifying the target market is essential because it helps the business to grow successful marketing communication schemes. Thus, it become more clear to me that target market is those set of individuals who shares alike needs or characteristics which the business or organization desires to serve. Moreover, target market is important for pulling new businesses, expanding the sales as well as making the business successful. According to the business plan of for kane’s Kitchen in UK, the location has been selected just beside the University of London. Therefore, the customers targeted are mainly those young students who like fast foods.
Another concept that has been learned while making the business plan is of marketing strategy. Marketing strategies are mainly a complete plan, which is formulated so that the marketing objectives of the business can be achieved. Thus, it can be said as the building block of a business plan (Baker, 2014). However, as per the marketing strategy of Kane’s kitchen their focus to attract customers is through proactive services as well as by fulfilling the customer’s needs. Kane’s kitchen also has certain marketing strategies, which will not only help them to edge over their competitors but will also assist them enlarging their goods and services along with best profit gaining potential (Fifield 2012). This taught me that marketing strategy involves all the domains of the selling activities as well as guides each one so that it that support the other functions in the business. Therefore, their marketing strategy can help this business create their products and services in such a way so that it can get the best chances to earning more profits and can create value in its name. Thus, having the idea of what the marketing strategies of the competitive organizations has, the main strategies of Kane’s kitchen focuses on promoting the awareness in the customers regarding their businesses, growing an empathetic bond with the local businesses, low price strategy, online marketing, innovations in the menu along with special discounts in the loyalty programs of the customer.
However, as an entrepreneur this business plan actually helped me in focusing as well as gaining knowledge regarding the constant changes that are taking place in the market and thus, my skills to stay updated regarding technology, new systems and trends in the industry has enhanced (Stutely 2012). After the marketing strategy, the marketing mix has been incorporated in the business plan, which actually taught us about the four major tools, which are necessary in establishing a successful business. The four major tools are product, price, place and promotion. The concept of marketing mix is of a significant tool for generating the correct marketing strategy and its application via effectual tactics. The marketing mix comprising of product, promotion, price and place helps in deciding that which marketing strategy is fruitful for the business (Huang and Sarigöllü 2014). Thus, from their marketing objectives it was learnt that adding seasonal varieties, burgers, sandwiches and chicken fries along with coffee and cold drink to their menu could give their customers a wide range of options for different foods. Moreover, I further learnt that adopting a low pricing strategy along with recruiting employees from within the family could be very much effective in reducing the costs. Moreover, the place for the business has been selected to be in a busy crowded place, which is just beside University of London along with it will also going to offer online delivery through the website of Kane’s kitchen. Lastly, as per the promotional strategy Kane’s kitchen will use social media, hoardings, and leaflets, marketing campaign and inviting clients to the launch event. Thus, I further learnt that through these they could definitely reach a wide range of customers and keep them updated about them.
Moreover, this business plan gave me a brief idea about the market leaders in the UK fast food industry like the KFC, McDonald’s and Burger King (Penfold 2012). Apart from these large organizations, the small local fast food businesses are also tough competitors for start-up businesses.
The above statistics highlights the leading fast food businesses in UK. As per the above survey, 57% of the respondent actually went to McDonalds and 42% preferred KFC. The inhabitant of the United Kingdom is one of the largest spenders when it comes to fast food or beverage services. While doing the research for making this business plan I came to know that in 2015 the income of food and beverage services ventures in the United Kingdom increased in comparison to other member states of European Union. However, though France has similar population and Germany has less population than UK but still its income was 87.7 billion euro in their food and beverage service industry as compared to that of 63.17billion euro in France and 53.03 billion euro in Germany (Davis et al. 2013). However, this business plan taught me that an important part of setting up a business is its management and operations. I found that for a business to become successful managing the costs, the quality of the food and customer services there must be certain systems that need to be incorporated in the business. Therefore, from this section I learnt that lowering costs could actually help in the end to have increased sales drastically to pay for the increasing expenditures. If the business has to think about their future, they must manage costs in order to maintain enough cash for emergency purposes.
Moreover, this business will follow an interview process for recruiting its employees. The major workforce will consist of total 10 employees who will be initially hired. Moreover, recruitment in Kane’s kitchen is mainly done within the family and among known candidates so that there can be certain reduction in the costs. However, management team plays another major role, which mainly comprises of the two founders Jimmy and Rosy Kane with 10years of experience in this field along with Hotel management degree. Lastly, a service manager will also be recruited who will have an experience of 5years in this market. Moreover, the other employees who will have a major part to play are four experienced as well as skilled chefs who will prepare the food. Four service boys will also be hired to serve the customers in the food store. Most importantly, Kane’s kitchen will not only hire them but will also train them so that they can become familiar with the business. Therefore, the concept of training is what I learnt to be essential so that it can help a business grow. Therefore, training the recruited employees will not only enhance their familiarity with the business but will also make them efficient. Another important recruitment would be of a part-time bookkeeper who will process as well as record the details of the invoices and credits. Motivating the employees is also other important factors that will lead the business forward and so Kane’s kitchen will satisfy them through bonuses, incentives and regular review of their performances. Customers who are ordering online can also rate the food and the services and based on the ratings the incentives will be decided for the employees. This business will further consider the workers protections as well as safe food handling. Therefore, in future, this learning will help me in identify that in which area of the business I am working in an organization along with other skills like analytical as well as problem solving skills that I have learnt from this business plan will help me dealing with the challenges in a more effective ways. Therefore, I need to develop myself in these areas so that I can become capable of taking up more challenging tasks in my employment field.
Conclusion
To conclude the essay it can be said that a business plan has been formulated for a fast food centre in London, UK. This business plan has mainly included the description of the business, evaluation of the target market, evolution of a market planning along with description of the management, operations and employee resources. While doing this business plan I came across many concepts like that of SWOT, PEST, target market, marketing strategy, marketing mix and training for the recruited employees which become more clear to me and I got to know their importance in starting a business. However, for this start up business a crowded location has been chosen which is just beside the University of London because the targeted customers are mainly the young students who are fond of fast foods. Kane’s kitchen will be the name of the fast food business, which will be owned by Jimmy and Rosy Kane. This business will operate through both online and offline services from 7am-8pm every day. The products of kane’s kitchen will mainly involve breakfast, snacks like chicken burger, hamburger, wrap, sandwiches, fried chicken, salads and vegetarian dinner. Their menu will also involve beverages like coffee and cold drink.
References
Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
Caballero, B., 2012. Encyclopedia of human nutrition. Academic press.
Davis, B., Lockwood, A., Pantelidis, I. and Alcott, P., 2013. Food and beverage management. Routledge.
Dunford, E., Webster, J., Woodward, M., Czernichow, S., Yuan, W.L., Jenner, K., Mhurchu, C.N., Jacobson, M., Campbell, N. and Neal, B., 2012. The variability of reported salt levels in fast foods across six countries: opportunities for salt reduction. Canadian Medical Association Journal, 184(9), pp.1023-1028.
Fifield, P., 2012. Marketing strategy. Routledge.
Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer New York.
Mashhadi, A.H. and Ijaz-Ur-Rehman, Q., 2012. Impact of external environment on the performance of the fast food industry. International Journal of Management, Economics and Social Sciences, 1(1).
Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small business.
Stutely, R., 2012. The definitive business plan: the fast track to intelligent planning for executives and entrepreneurs. Pearson UK.
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